Adani group stock jumped 12 percent in the day’s trade after breaking its 10 percent upper circuit, following the release of its quarter-ended December Q3FY24 results with a jump in net profits by 375 percent YoY.
At 3:00 p.m the shares of ACC Limited were trading at Rs. 2,430.60, up 8.68 percent from its previous day’s close price of Rs. 2,240.60 and its market capitalization is Rs. 45,676 Crores.
Its revenue from operations grew by 8.36 percent YoY from Rs. 4536.97 Crores in Q3FY23 to Rs. 4916.36 Crores in Q3FY24 and it grew 10.86 percent QoQ from Rs. 4434.73 Crores in Q2FY24 to Rs. 4916.36 Crores in Q3FY24.
Its Net Profit grew by 375 percent YoY from Rs. 113.19 Crores in Q3FY23 to Rs. 537.67 Crores in Q3FY24 and it grew 38.61 percent QoQ from Rs. 387.88 Crores in Q2FY24 to Rs. 537.67 Crores in Q3FY24.
ACC Limited is engaged in the business of manufacturing and selling Cement and Ready Mix Concrete with pan India presence. It is a subsidiary of Ambuja Cements and is a part of Adani Cements.
Its revenue from operations grew 11.22 percent from Rs. 3,987.34 Crores in September 2022 to Rs. 4,434.73 Crores in September 2023, accompanied by a loss of Rs. 87.35 Crores to a profit of Rs. 387.85 Crores.
According to the latest shareholding data available for the quarter ended September 2023, the company’s Promoters hold 56.69 percent stake, the Foreign Institutional Investors (FII) hold 7.10 percent and the Domestic Institutional Investors hold 22.94 percent.
Written by: Bharath K.S
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